Palermo, 27, and his partner Alessandra Giangrande, who was driving the vehicle, were pronounced dead at the scene following an early morning collision in North Hollywood on Monday.
Giangrande's brother survived the crash but was seriously injured.
It is unknown how the fatal crash occurred.
Palermo began his acting career in 2004, appearing on more than 30 TV shows, including Everybody Hates Chris, How I Met Your Mother, CSI: Miami and CSI: NY.
His last project, an indie film called Pizza With Bullets, is scheduled for release later this year.